Every time a Bitcoin or digital currency exchange is going down, there is a justified reason for mass panic among enthusiasts. Bleutrade, although one of the less popular cryptocurrency exchange platforms available today, has posted a warning on their website mentioning how the team is conducting unscheduled maintenance, and both deposits and withdrawals have been put on hold indefinitely. If everything goes according to plan, services will be resumed on Monday. But when have warnings like these every played out as expected?

Bleutrade Is Facing Serious Issues

Even though there are plenty of reasons not to store digital currency in exchange wallets for an extended period, a lot of people still continue to do so. Especially Bleutrade users might regret that decision very soon, as the exchange platform went offline earlier today for an unknown reason. It is not unlikely the company had come under a denial-of-service attack, yet there has been no official explanation so far.

To make matters even worse, there is a warning posted on the main page alerting users it is not possible to either deposit or withdraw funds for the time being. Bluetrade mentions this is only a temporary measure, and everything should be back to normal come Monday. Every time an exchange posts a message like this, there is a very likely chance the platform was breached, and funds have been stolen.

None of this has been confirmed by the Bleutrade staff at the time of writing, though, albeit hey are not giving a detailed explanation either. Users may experience difficulties when logging in as well, as the platform is still responding sluggishly when browsing the site. Trading is still possible for now, assuming the user had funds in their account before these problems.

Bleutrade would not be the first exchange to shut down or report a loss of user funds throughout the years, though. Digital currency exchange platforms are a lucrative target for hackers and internet criminals, especially considering how most of these smaller exchanges are not conducting third-party security audits to ensure there is no vulnerability to exploit.

There has never been much trading volume on Bleutrade either, except for the Ethereum trading market as of late. Most other listings will not even reach two Bitcoin worth of trading volume every 24 hours, even though the company has issued their own “Bleutrade Share” token on the platform. It takes time to build up a reputable exchange, but issued like these could spell disaster for Bleutrade as well.

About The Author

JP Buntinx is a 30-year old FinTech and Bitcoin enthusiast living in Belgium. His passion for finance and technology made him one of the world's leading freelance Bitcoin writers, and he is working to achieve the same level of respect in the FinTech sector.